Impact Investment Adviser LLC

Item – 5 – Fees and Compensation
Management Fees

IIA receives management fees from Clients. The specific payment terms and other conditions of
these management fees are set forth in the Constituent Documents. Management fees are generally
based on a fixed percentage of (i) capital commitments; (ii) the invested amount of capital
commitments; or (iii) the par or market value of a Client’s assets under management, as applicable.
Management fees vary and are based on a number of factors including investment mandate,
services performed and account size. In addition to management fees, IIA may receive origination
fees, extension fees and breakage fees net of any transaction expenses as set forth in the Constituent
Documents.

Management fees generally are payable to IIA on a quarterly basis and are calculated according to
the terms of the Constituent Documents. For Funds, the management fee is typically debited from
the Fund’s assets, and can be payable either in arrears or in advance. Separate Accounts typically
pay fees directly to IIA, subject to the terms of the applicable investment management agreement.

Management fees for Funds are set forth in the Fund’s Constituent Documents and are not
negotiable unless IIA enters into side letters with respect to any investor’s fees. For Separate
Accounts, management fees can be negotiable and are expected to vary from Client to Client. Each
Client’s Constituent Documents govern how an advisory relationship with IIA can be terminated.
For Separate Accounts, some investment management agreements will allow for termination by
either party on thirty days’ notice. Termination of a Fund by its investors is generally not expected
and the ability of an investor to redeem its interests is generally limited by the Constituent
Documents and can vary from Fund to Fund. In the event a Client pays management fees and the
investment management agreement is terminated prior to the end of a billing period, IIA will
promptly return any prepaid but unearned management fees and otherwise account for and return
all other client-related funds net of any reimbursed expenses due IIA. Conversely, if fees are paid
in arrears, the Client will owe a prorated management fee upon termination.

Form ADV Part 2A: Brochure

In some cases, fees are paid through an affiliate of IIA pursuant to the applicable Constituent
Documents.

Expenses

In addition to management fees, each Client (or investor) pays or otherwise bears a variety of other
fees, costs, liabilities and expenses (collectively “Expenses”) incurred in connection with IIA’s
management. Not all Clients are subject to the same Expenses. Each Client’s Constituent
Documents include information with respect to the Client’s Expenses but, where relevant and
unless provided to the contrary in the Constituent Documents, all Clients should expect to be
subject to the following Expenses.

Services related to the Expenses described below will sometimes be performed or provided by IIA,
IMPACT, or their respective affiliate (e.g., the managing member or general partner of a Fund or
Separate Account SPV, which could be IIA or an affiliate) (“Affiliate Service Provider”), while in
other cases, they will be performed by persons or entities associated with the Client, or performed
or provided by third-parties. Some Expenses are paid directly by the Client while others are paid
or incurred by IIA or an Affiliate Service Provider on the Client’s behalf. Affiliate Service
Providers are entitled to reimbursement for any Expenses paid or incurred on behalf of Clients;
however, IIA, IMPACT or an affiliate, can choose to not seek reimbursement for all or a portion
of such Expenses. To the extent IIA has authority to select a Provider and IIA or an affiliate is
capable of performing the relevant services, IIA has an incentive to select itself or an affiliate when
doing so could result in relatively more compensation for IIA and its affiliates.

Expenses can include:

       Organizational and Offering Expenses. Unless otherwise provided in its Constituent
       Documents, each Fund and Separate Account SPV will pay (and its owners will bear)
       Expenses relating to the formation and organization of the Fund or Separate Account SPV
       and the offering and sale of its interests (collectively “Organizational Expenses”). Unless
       otherwise provided in its Constituent Documents, Organizational Expenses include,
       without limitation, the following:

        •   accounting fees;
        •   board and governance-related fees;
        •   capital raising fees;
        •   commissions and other brokerage fees;
        •   consulting and expert fees;
        •   legal and compliance fees;
        •   offering material preparation fees;
        •   obtaining credit ratings from a nationally recognized statistical rating organization for
            notes issued by the Client;
        •   formation and organization fees of special purpose vehicles;
        •   regulatory and filing fees;

Form ADV Part 2A: Brochure

       •   placement and similar fees paid in connection with the offering of interests in the Fund;
           and
       •   travel-related fees excluding first-class or private travel.

      Operating Expenses. Unless otherwise provided in its Constituent Documents, all Clients
      will pay or bear all Expenses incurred by or on behalf of the Client in connection with its
      operations (collectively “Operating Expenses”). Unless otherwise provided in its
      Constituent Documents, Operating Expenses may include, without limitation:
       •   accounting, bookkeeping and recordkeeping fees;
       •   fund administration fees;
       •   audit fees;
       •   bank fees;
       •   borrowing and indebtedness interest and fees, including guarantees, credit facilities,
           lines of credit and loan commitments;
       •   cloud storage and data center fees;
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Item – 7 – Types of Clients
IIA provides real estate related investment advice to Clients. The minimum investments required
to become or remain a Separate Account Client of IIA or an investor in a Fund, if any, are stated
in the Clients’ Constituent Documents.

Investors in the Funds must meet certain suitability and net worth qualifications such as being an
“accredited investor” as defined by Regulation D under the Securities Act, a “qualified institutional
buyer” (“QIBs”) as defined by Rule 144A under the Securities Act, or a “qualified purchaser” as
defined in Section 2(a)(51) of the Investment Company Act. Personnel who are “knowledgeable
employees” as defined in Rule 3c-5 under the Investment Company Act, could also invest in a
Fund depending on the applicable Fund’s eligibility requirements as set forth in its Constituent
Documents. Owners of Separate Accounts will generally also meet one or more of these same
standards.